5 Things to Know to Protect Your Property through Exemptions
Most of the time you get to keep everything you own when you file bankruptcy. It's all covered by property exemptions. But not always.
Using the Right Set of Property Exemptions
Usually you use the property exemptions available for the residents of your state. But not if you haven't lived there long enough.
The Chapter 7 Trustee Challenging an Asset’s Value
What happens when your bankruptcy trustee thinks you undervalued an asset? How does the trustee determine what you own and its value?
The Chapter 7 Trustee Looking into an Asset
What happens when something you own is not or may not be exempt (protected)? What does the trustee do about this and what is the end result?
The Trustee in a Consumer Chapter 7 Case
Besides your creditors, the main person you need to be careful about in a "straight bankruptcy" Chapter 7 case is the trustee. Who's that?
Introducing Fraudulent Transfers
"Fraudulent transfers" have similarities to "preferences." They are both worth understanding because they can cause unnecessary hassles.
Special Assets–An Inheritance
Inheritances and life insurance proceeds have a special rule when it comes to the timing of your bankruptcy filing.
Creditor Claims and Proofs of Claim
In most Chapter 7 cases, there is not much practical effect to what creditors put on their proofs of claim.
“Pre-Petition” and “Post-Petition” Assets in Chapter 7
Pre-petition assets are "property of the bankruptcy estate," part of your Chapter 7 case. Post-petition assets are not.
“Priority” Debts in Chapter 7 Bankruptcy
Here's what happens to "priority" debts in an "asset case."
Debts Partly Paid but then Written off in Chapter 7
If you have an "asset" Chapter 7 case, some or all of your debts are partially paid, with most or all of the remaining amounts written off.
Surrendering Real Estate Other than Your Home in Bankruptcy
Chapter 7 writes off your mortgage debt, many other debts against the property, and potentially pays your "priority" debts as well.
Debts Not Listed in Your Bankruptcy Documents
If one of your creditors is not included in your "schedules" you risk continuing to owe that debt after your bankruptcy is finished.
Giving More Thanks for Chapter 7 “Straight Bankruptcy”
Here are more features of Chapter 7 worth knowing and taking advantage of.
Crucial Question: How Does Chapter 13 Save Possessions that You’d Otherwise Lose in a Chapter 7 Bankruptcy?
If your possessions are not fully protected by the available property exemptions under Chapter 7, Chapter 13 can save the day.